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Saturday, 24 October 2015 00:07 - - {{hitsCtrl.values.hits}}
CEO/Director of RIU Roshan Madawela
By Himal Kotelawala
Colombo 10 is well on its way to becoming an important commercial hub and a go-to destination for IT infrastructure and other development projects, a leading research institute said this week.
Speaking at the second annual Real Estate Conference organised by Lamudi Lanka Ltd. CEO/Director of Research Intelligence Unit (RIU) Roshan Madawela said that recent city beatification initiatives had transformed what was once a “concrete jungle” into a modern suburb that is green, pedestrianised and endowed with classic architecture that has been rehabilitated. “Colombo 10 is a market to watch out for,” he said.
Consisting of the twin areas of Panchikawatte and Maradana, Colombo 10 is an area of concentrated development as per the UDA Development Plan for 2020, said Madawela, adding it was home to the railway hub of Sri Lanka.
“It’s very commercialised and has a number of listed buildings as well as museums, etc. There are also prominent schools with a student population of some 15,000 in the area,” he said.
The new traffic system in place had eased congestion, he said, adding that Maradana and its immediate vicinities were centrally located, a mere 10 minutes away from important places like the Supreme Court complex, the Lotus Tower, Port City and others.
“Notably, many IT projects including Trace City, a Government backed project that transformed the former Tripoli market into what is now a hub of IT companies with a growing number of employees, is located in the area,” Madawela pointed out.
Trace City saw the transformation of 14 acres of what was formerly known as the Tripoli Market into a centre of technology and innovation, currently employing around 540 under five different IT companies.
According to Madawela, further expansion of the site is expected, with more companies moving in.
“More commercial and IT centric projects are in the pipeline,” he added.
According to RIU’s market intelligence, said Madawela, there are several initiatives that are likely to be approved that will further change the landscape in this area. These include large scale UDA public housing projects with apartments, railway housing projects and more land releases for IT Parks.
A mono-rail is also expected to run through the area, he said, adding that there was a possibility of removing shanty dwellings.
“According to our research, 80% would invest in this part of Colombo, or a large section of them are thinking about it. Essentially the reasons given are proximity, location and convenience. Also, it’s an investment given the appreciation of land,” he said.
